Players in the Global Pharmacy Repackaging Systems Market are facing tough competition. Despite tough grounds, the players such as Omnicell Inc. and Swisslog Holding AG are leading with a share of about 34% in the global market in 2015, according to a Transparency Market Research.
Companies are expected to focus on expanding to different regions by meeting the specific needs of patients and health care institutes.
According to the research report, the global pharmacy repackaging systems market is expected to be worth $1.8 bn by the end of 2024 from $997.1 mn in 2015. Between the forecast years of 2016 and 2024, the global market is estimated to progress at a CAGR of 7.8%.
North America leading the global market
In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these regions, the North America pharmacy repackaging systems market is expected to lead the global market in the coming years. This dominance is a result of soaring demand for pharmacy repackaging systems from hospitals and pharmacies. By the end of 2024, the North America market will account for a share of 35.5% in the overall market, says the report.
Furthermore, the end users in the global pharmacy repackaging systems market are community pharmacies, hospital pharmacy, long-term care (LTC) pharmacies, and mail order pharmacies. According to the research, analysts expect that the blister card/compliance packaging systems segment is projected to lead the global market in the coming years. This segment is expected to get 40.8% by the end of 2024 as this technique allows pharmacies to pack medications to suit customer’s requirements, which, in turn, reduces wastage of medicine dosage, the researcher says.
Growing demand for ensuring patient safety drives the global pharmacy repackaging systems market
The researcher has found that the rising incidence of erroneous deaths due to improper medications is expected to drive the growth of the global pharmacy repackaging systems market. The market is also benefiting from the stringent regulations governing various hospitals and health care institutes and pharmacies that demand reduction of such errors, costs, and fatalities due to poor management of dosages. Growing pressure on patient safety has augmented the demand for advanced technologies that have been designed and developed to avoid medication errors. The growing awareness pertaining to the efficient management of inventory with automated technologies is also expected to give the global market a shot in the arm in the coming years.
Lack of awareness about benefits of automated systems to dissuade users
However, the high cost of implementation of pharmacy repackaging system is expected to be a key factor responsible for restraining the growth of the global market between 2016 and 2024, the report provides. Furthermore, lack of awareness about the potential benefits these automated systems can offer in several regional markets has also been an important inhibitor in the global market. In conclusion, the report says that this restraining factor has been predominant in developing countries of the world, where health care institutes are cost-sensitive and lack knowledge about one-time investments that can be reap benefits for a long time.